Beach makes fifth Cooper find

Cheering more success: Beach has hit oil in the Parsons-5 well, marking its fifth success in the current PEL 92 drilling program

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Josh Lewis

, Josh Lewis

 30 June 2011 04:02 GMT

Australia’s Beach Energy has hit oil in the Parsons-5 development well in PEL 92 in the Cooper basin western flank, onshore South Australia.

Beach said the well intersected a six metre oil column in the Namur sandstone reservoir which was consistent with its pre-drill expectations.

The find marks the company’s fifth success in its PEL 92 drilling program and it said the confirmed up-dip position in respect to Parsons-2 would result in an upgrade of recoverable oil reserves from the Parson’s field.

Beach said preliminary work suggested the well results from its current drilling program, along with continued strong production, would result in a reserve increase of more than 800,000 barrels of oil for the Parsons…

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